External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates, accounting for 97.4%/92.1% of full-year forecast respectively. For 4QFY21, net profit plunged 70.1% QoQ to RM607.9mn with lower revenue of RM2.12bn, down 49.2% QoQ. [...] US are expected to be fully recovered by December as shipments would resume as early as the end of September following the lifting of the US [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. [...] 80%) : Displayed market leading capabilities in integrating ESG factors in all aspects of operations, management and future directions.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates, accounting for 97.4%/92.1% of full-year forecast respectively. For 4QFY21, net profit plunged 70.1% QoQ to RM607.9mn with lower revenue of RM2.12bn, down 49.2% QoQ. [...] US are expected to be fully recovered by December as shipments would resume as early as the end of September following the lifting of the US [...] Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium. [...] 80%) : Displayed market leading capabilities in integrating ESG factors in all aspects of operations, management and future directions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

<p>4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in July

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Astro Malaysia Holdings / Equity Bottom-Up

<p>Malaysia's vaccination rate is only 5% of the total population and new cases have jumped to almost 5000 daily in the past week, higher than the second wave that took place between December last year to February this year, prompted the Malaysian government to put another MCO (lockdown) in place.</p>
<p>As a result, people are back to work from home and not spending much time outside. Historically, many have turned into spending more time on TV and mobile entertainment in which <a href="https://www.smartkarma.com/entities/astro-malaysia-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1143:1" rel="noopener">Astro Malaysia Holdings (ASTRO MK)</a> is the direct beneficiary. </p>

Malaysia's vaccination rate is only 5% of the total population and new cases have jumped to almost 5000 daily in the past week, higher than the second wave that took place between December last year to February this year, prompted the Malaysian government to put another MCO (lockdown) in place.
As a result, people are back to work from home and not spending much time outside. Historically, many have turned into spending more time on TV and mobile entertainment in which Astro Malaysia Holdings (ASTRO MK) is the direct beneficiary. 

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

ASP to Normalize in January 2022

<p>Top Glove Corporation Berhad’s (TOPG) FY21 net profit of RM7.9bn (+349.1%) came in within our expectation but fell short of consensus estimates,...

TA Securities Holdings Bhd

4QFY21: Earnings taper off

<p>4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21,...

JF Apex Securities Bhd

Upliftment of the CBP Finding

Hold Top Glove Corporation Berhad: Upliftment of the CBP Finding. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Key Singapore Market Moves and Flows in July

The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%,...

Singapore Exchange Ltd (SGX)

Astro (Astro): Still the Good Pick

New cases have jumped to almost 5000 in the past week, higher than the second wave that took place between Dec last year to February this year,...

Henry Soediarko

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